- Do your student recruitment results grow when the market is growing and decline when the market is in decline? In other words, is the destiny of your institution at the mercy of the market instead of in your control?
- Are you conducting your student recruitment activities and ‘hoping’ that you will achieve your student recruitment targets?
- By the time you realize that your targets will not be achieved, is it too late to do something about it?
If you answered yes to any of the 3 above-mentioned questions, you should consider using the student recruitment formula.
The student recruitment formula
The student recruitment formula has been adapted from The Business Chassis Model that Bradley J Sugars uses as the core basis of his business’ coaching philosophy.
When the Business Chassis model is considered as a mathematical equation, and has been adapted to the student recruitment context, the formula represents the fundamental mathematics that holds the key to an education institution’s growth and student recruitment success or failure.
The diagram below is referred to as the “Student Recruitment Formula.”
There are 8 key variables in the student recruitment formula. These variables are critically important because an institution can positively impact and influence them irrespective of the macro-environmental factors. The 8 variables are:
- Number of prospects – also commonly known as number of leads or lead generation
- Prospect-to-Applicant Conversion Rate
- Applicant-to-Offer Conversion Rate
- Offer-to-Acceptance Conversion Rate
- Acceptance-to-Commencing Enrolment Conversion Rate
- Commencing Enrolment-to-Successfully Graduated Student Conversion Rate
- Average dollar value of a student; and
- Student Recruitment Margins
Understanding the mathematics of the student recruitment formula
The student recruitment formula is a powerful concept. Simply understanding how the mathematical equation works is game-changing and can change the future course of your education institution. To help us understand how the mathematics works, consider the first two variables:
Number of Prospects (or Leads Generated)
Prospect-to-Applicant Conversion Rate
Number of Applications
If you intend to have more applications, you must do at least one of two things, preferably both:
- You must increase your number of new prospects (those who are aware that your education institution exists); or
- Increase your effectiveness in converting those prospects into applications.
Both can be done but both require specific strategies to make your efforts effective and productive.
In a similar manner, the next part of the formula is:
Number of Applications
Applicant-to-Offer Conversion Rate
Once you know your total number of applications, then you can multiply that number by the applicant-to-offer rate to get the total number of offers for a given teaching period. If you want to increase your offers you must either increase the :
- number of applications; or
- the applicant-to-offer conversion rate.
Again, both are achievable but both will require different strategies to get the results you want. Focusing your strategies on your very specific student recruitment formula goals is a critical part of success.
Likewise, once you have your number of offers, you can multiply that by your offer-to-acceptance conversion rate to get your total acceptances for a teaching period. If you want to increase the number of acceptances, then you must find ways to improve all the formula variables that impact on that result. Again, there are several strategies that will work to make this happen. You simply must decide what you are going to accomplish and implement the strategies in a focused manner.
In a similar manner, one can understand and explain the remaining 4 variables in the student recruitment formula.
The magic of the student recruitment formula
Because the student recruitment formula is a mathematical equation, each individual variable is magnified in its importance because of the multiplicative effect. In other words, since each component is multiplied by the others, even a small change in every variable can result in a large compounding effect in the outcomes at the bottom end of the formula.
For example, consider that the initial numbers of your institution’s first 4 initial variables are as below:
With the above variables, you can expect that you will have 112 acceptances for the teaching period in question.
Now suppose that you are able to employ a range of strategies that result in a 5% increase in each of the first 4 variables of the student recruitment formula. A 5% increase in each variable will result in a 44% increase in the number of acceptances! Small improvements focused on each of these five variables will have a dramatic increase in your student recruitment results.
This student recruitment formula, coupled with the law of the compounding effect is a powerful concept that most education institutions are either not aware of or simply overlook. Simply understanding how the mathematics equation works is game-changing. Then taking the time to develop the specific strategies to use to make the improvement happen can result in miraculous results that can change the future course of your education institution.
Imagine what would happen if all your student recruitment and marketing staff were harnessing the power inherent within the student recruitment formula in the daily activities
- How many staff members do you have working in your student recruitment team(s)?
- If each and every staff member in your team(s) could learn to increase each of the 4 variables under his or her control by 5%, what impact could you expect on your final recruitment outcomes?
- Instead of a 5% improvement in 4 variables, what if the 5% improvement was made in all 8 variables in the student recruitment formula? What kind of performance and results could you expect then?
Sounds too good to be true, doesn’t it? I can assure you, achieving seemingly miraculous in a consistent, sustainable and ethical manner, is not only possible, but also very much within reach.
So, how can you get to achieve these types of extraordinary results? Well, a good first step would be to get your staff members trained in The Art of Student Recruitment.
The Art of Student Recruitment Sales Training can greatly enhance your student recruitment performance
The Art of Student Recruitment: Sales Training for Professionals involved in Student Recruitment is a course that is designed to impart and deliver the knowledge and wisdom from the science of sales, consumer behaviour and psychology in a manner that is:
- ethical; and
- adapted for the student recruitment industry.
The student recruitment formula is covered in the very first module that is delivered on the course: Module 1: The Fundamentals of Student Recruitment. Then the remaining 11 modules that are delivered in this 3-day intensive course cover various scientifically-proven concepts, tactics and strategies that participants can apply in their specific roles in order to increase the (student recruitment formula) variables that they can impact.
Participants of the Art of Student Recruitment Sales Training will leave the course armed with a 90-day action plan that is jam-packed with specific actions that they would have identified as opportunities to increase multiple student recruitment variables. If the participants take the actions captured in their 90-day action plan, I promise that they will get to experience results that they did not think were possible!
What some participants had to say about The Art of Student Recruitment course
Here is what some participants had to say about the Art of Student Recruitment course:
“The training was a good reminder on how the smallest of thing can make a big impact in the results and it was also a good platform of idea generation and experience sharing to learn from each other”.
- Mellisa Patrick, Country Manager (Malaysia), Edith Cowan University
“Some excellent tools to implement from this session. Richard really looks at how the whole lifecycle works and the important factors at each stage to maximise success. I also found a nice reminder and different perspective from the application sales psychology for student recruitment. Very well worthwhile session for new and experienced professionals in our field”
“The high point of the training for me, was the (student recruitment) formula and the (Art of) Influence modules. It helps me in managing channel performances as well as B2B customer relationship management. I found as a result of attending this course, I intend to use the formula and implement the influence skills in my personal and professional life.”
Elizabeth Fu, International Account Manager, Edith Cowan University
By investing in the professional development of your student recruitment and marketing staff, specifically in a course like The Art of Student Recruitment: Sales Training course, you can ensure that they will be best placed to maximize each variable in the student recruitment formula. Investment in the effective training and up-skilling of your workforce is one of the wisest investments that you can make.
The Art of Student Recruitment Sales Training Course – Your pathway to success
Register now to attend any one of the following courses near you:
- Melbourne: Tuesday 22 October – Thursday 24 October 2019
- Adelaide: Wednesday 30 October – Friday 01 November 2019
- Perth: Wednesday 27 November – Friday 29 November 2019
- Sydney: Wednesday 29 January - Friday 31 January 2020
- Auckland: Wednesday 13 November – Friday 15 November 2019
- Wellington: Monday 18 November – Wednesday 20 November 2019
- London: Wednesday 04 December – Friday 06 December 2019
- Southampton: Tuesday 10 December – Thursday 12 December 2019
- Manchester: Monday 16 December – Wednesday 18 December 2019
Seats are limited at each venue. So, hurry and confirm your attendance before it is too late!